Ford Launches New Payment Protection Program
April 1, 2009
Looks like Ford has jumped onto Hyundai’s bandwagon and is now offering a Payment Protection program. Here’s how it works:
You are automatically enrolled when you purchase or lease any new Ford vehicle. But, it only becomes effective 30 days after you make the purchase. If you become involuntarily unemployed (note: this won’t benefit you if you’re fired, only laid off) before January 1, 2010, as long as you submit monthly proof of unemployment, Ford will make your full payment for you, up to $700 per month, for up to 12 months.
Another point to note: you will not be eligible for the program if you were working part-time, or less than 30 hours per week.
The Hyundai Assurance program has been so successful for them that I think this is just the beginning of the other automakers following suit. In this economy, it just makes sense. And, they are all hurting for sales.
Get more information on the Ford Payment Protection Program here.
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Questions or comments? E-mail me at blogger@matadorsmoneymatters.com.
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